In light of recent developments in the social and legal acceptance of cannabis in the United States, more and more cannabis-based products are entering the market. As an entrepreneur, you might want to consider the viability of hemp and cannabidiol (CBD) as as a potential business prospect. Read on to find out why.
What is Hemp?
Hemp is a variety of the cannabis plant, more commonly known as industrial hemp. You might be wondering if this is the same as marijuana because they are both a variety of cannabis. Hemp has lower levels of THC (tetrahydrocannabinol, the psychoactive ingredient in cannabis), as compared to marijuana, but higher amounts of CBD (a highly medicinal component). In fact, industrial hemp is often cultivated for its fibers, which are used for various purposes including clothing, paper, plastic, and food.
What is CBD?
The cannabis plant contains chemical compounds also known as cannabinoids. THC and CBD are just two of more than 100 cannabinoids founds in cannabis. These compounds are known to have a variety of effects on a person, depending on the amount consumed. CBD is a non-psychoactive substance that is widely used for medicinal purposes. It does not induce any kind of high. In fact, it is said to counter the effects of THC. Because of these attributes, the CBD compound is often used in conjunction with other medical treatments for diseases including cancer, epilepsy, and arthritis.
Why it is a Good Potential Business
There are numerous industrial and medical uses for hemp and CBD, hence, this market is growing and will continue to grow. Entrepreneurs who are planning to enter the market are, therefore, in for a treat…and here’s why:
It is a Rapidly Growing Market
The legalization of medical marijuana in 33 of the 50 states in the United States has paved the way for many cannabis-based products to enter the market. Aside from marijuana, as an aid for medical treatments, most states permit the use of CBD oil too. This is why you will find a lot of CBD-infused items in places where it is legal. In fact, only three states have a total ban on the use of cannabis and its compounds.
Marijuana is Easy to Cultivate
One of the main differences between marijuana and hemp is the environments in which they thrive. Marijuana needs a carefully controlled environment for it to grow, while hemp can adapt to different kinds of climates. This means it can grow with minimal care, making it perfect for growing in bulk. Just make sure that you possess only the permitted number of plants per your state’s cannabis laws.
The Possibilities are Vast
CBD oil is extracted from the cannabis plant, including hemp. Because of this, you can use your hemp fibers for industrial purposes, while having a source of cannabidiol extracts. Keep in mind that cannabidiol can be used not only for medical purposes but also for body, skin and even sexual wellness. This means that with proper marketing, you can target various markets.
Lots of Prospective Products
As a product, CBD is a versatile and marketable one. You can sell it in pure oil form in bottles or as tinctures. Moreover, you can incorporate it into various health, body and skin care products such as creams, balms, lotions, and shampoos. This compound can even be mixed in with food items to make candy, baked goods, and even fat-based beverages.
Like with any business prospect, ensure that you enter the market armed with proper research when it comes to the products, including its usage, distribution and the relevant state laws. This way, you can launch your business with the least amount of fuss, making the benefits of hemp and CBD more accessible to your potential customers.